Binance, one of the world’s largest cryptocurrency exchanges, has secured a license to operate in Thailand through a joint venture with local firm Satang Corp. The license was granted by the Thai Securities and Exchange Commission (SEC) and allows the joint venture to offer digital asset trading services in the country.
This is a significant development for Binance as it expands its reach into Southeast Asia, a region that has seen a surge in cryptocurrency adoption in recent years. Thailand, in particular, has been proactive in regulating the industry and has become a hub for blockchain and cryptocurrency startups.
The joint venture, called Binance Asia Services, will be led by Satang CEO Poramin Insom and will operate under the regulatory framework set by the Thai SEC. This includes strict anti-money laundering (AML) and know-your-customer (KYC) requirements to ensure the safety and security of users’ funds.
Binance CEO Changpeng Zhao expressed his excitement about the partnership, stating that “Thailand is one of the most active blockchain and cryptocurrency markets in Southeast Asia, and we are excited to partner with Satang to bring our services to users in the region.”
The joint venture will initially offer trading pairs for Bitcoin, Ethereum, Binance Coin, and Thai Baht. It also plans to expand its offerings to include other cryptocurrencies and fiat currencies in the future.
This news comes on the heels of Binance’s recent expansion into other markets, including South Korea and India. The company has been actively seeking partnerships and acquisitions to further its global reach and solidify its position as a leading cryptocurrency exchange.
Overall, this joint venture with Satang Corp is a positive development for both Binance and the cryptocurrency industry as a whole. It demonstrates a commitment to regulatory compliance and responsible business practices, which will help to build trust and legitimacy in the eyes of both users and regulators. As cryptocurrency adoption continues to grow around the world, partnerships like this will be crucial in driving the industry forward and unlocking its full potential.
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